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Orban Expects Inflation to Slow in March, Reach Single-Digits by Year-End

HUNGARY
  • Speaking in an interview to a local radio station this morning, Prime Minister Orban said he expects the pace of inflation to slow in March and to reach single-digits by the end of the year. His government has previously said that inflation peaked at 25.7% y/y in January, and that the government will keep price caps on staple food items until price-growth slows and maintain a ceiling on mortgage rates until interest rates drop.
  • On Sweden/Finland ascension to NATO, Orban said he has instructed his ruling party’s lawmakers to support their bid. However, Mate Kocsis, the party’s parliamentary group leader, said lawmakers remain “divided” on the issue and is seeking further information. A delegation will be sent to Sweden and Finland before making a decision.
  • "It is in Hungary's national interest to stay out of the war," Orban told MPs at a parliamentary meeting, insisting the government would not change its position on the war in Ukraine, according to the daily Magyar Nemzet. Nevertheless, the ruling party and its allies plan to submit a political declaration to parliament stating Hungary's commitment to the pursuit of peace in Ukraine, MTI report.
  • Hungary’s unemployment rate rose to 3.9% (Est: 4.1%) in January from a revised 3.8% in December, data released this morning showed.
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